Fresenius (FRE) Investor presentation summary

Strategic direction and market positioning

• Focused on addressing global healthcare challenges: longevity, workforce, and efficiency gaps, with a mission to deliver affordable, innovative care and a vision to lead in technology-driven therapies.

• Operates through two main platforms: Fresenius Kabi (pharma, biopharma, nutrition, MedTech) and Fresenius Helios (hospital care in Germany and Spain), both showing strong market leadership.

• Transformation strategy (#FutureFresenius) progressing through RESET, REVITALIZE, and REJUVENATE phases, driving operational and financial improvements.

• Diversified global footprint with ~€21.5bn group revenue in FY24, strong European base, and strategic expansion in the U.S.

• Sustainability and ESG recognized by leading agencies, with clear targets for decarbonization, employee engagement, and medical outcomes.

Financial performance and guidance

• Q3/25 revenue reached €5.5bn (+6% organic), EBIT €574m (+6%), and net income €351m (+14%), with EPS at €0.62 (+14%).

• Strong cash flow generation, with Q3/25 LTM operating cash flow at €2.2bn and free cash flow at €1.1bn, supported by portfolio optimization and FME share sales.

• Leverage ratio improved to 3.0x, within the tightened target corridor of 2.5–3.0x, reflecting disciplined deleveraging and investment grade commitment.

• FY25 EBIT growth guidance raised to 4–8% (from 3–7%), with mid- to high-single-digit organic revenue growth expected for Kabi and mid-single-digit for Helios.

• Dividend for FY24 set at €1.00 per share, with a payout policy of 30–40% of core net income, reflecting improved financial strength.

Segment highlights and operational achievements

• Fresenius Kabi delivered 7% organic revenue growth in Q3/25, with a 16.7% EBIT margin; strong performance in MedTech, Nutrition, and Biopharma (37% organic growth in Biopharma).

• Biosimilars portfolio expanding, with new launches (e.g., Tyenne, Otulfi, Bomyntra) and exclusive U.S. distribution contracts, supporting market share gains.

• Fresenius Helios achieved 5% organic revenue growth in Q3/25, with a 7.5% EBIT margin; Helios Spain outperformed with 7% organic growth.

• Innovation in care delivery, including AI-powered clinical outcomes, digital patient portals, and robotic surgery, enhancing quality and efficiency.

• Ongoing capital allocation discipline, with focused CAPEX, portfolio divestments, and targeted investments in R&D and platform scaling.